The skills that it takes to earn money as an athlete are not necessarily the same skills that it takes to manage money. It's the same for entertainers and others who find themselves getting windfalls when they are suddenly in demand. If you haven't learned to manage your finances before you strike it rich, the odds are that you'll develop spending habits that are sustainable when you are at your peak earning years, but not when you are no longer viable as an athlete or in demand as an entertainer. Throw in unscrupulous managers and other entourage members who are skilled at milking someone else's earnings, and it's a formula for bankruptcy.
Originally Posted by Rockntractor
The latter happened to Steve Carlton and was why he hung on too long and nearly damaged his legacy. His financial adviser squandered a lot of his money on bad investments. But some athletes do get it right. Michael Jordan, Magic Johnson, Alan Page, Julius Erving, among others got it right. Allen Iverson and those like him didn't.
Originally Posted by Odysseus